Alameda Sells Altcoin Assets and Buys This Coin!

Alameda has converted some of its altcoin projects into Ethereum. The firm still holds more than $112 million worth of different cryptos. It is not known who is responsible for the latest transactions. Here are the details…

Alameda wallets move to leading altcoin Ethereum

Alameda Research, owned by Sam Bankman-Fried and involved in the disputes, converted the token-valued altcoins it held into Ethereum. This comes at a time when the owners are facing criminal charges in connection with the failure of its sister company, FTX, both operated by SBF. Martin Lee, a data analyst at Nansen, was one of the people who pointed out that there was a lot of activity around Alameda wallets.

According to reports, this happened late Tuesday evening when various Ethereum-based tokens were consolidated in the two main wallets and then exchanged for Ethereum (ETH) and Tether (USDT). In light of these transactions, experts claimed that Alameda Reserach still has more than $112 million in different cryptocurrencies. This marks a drop from $140 million in mid-November.

The proceedings followed the arrest of Sam Bankman-Fried

Surprisingly, it is not known who is responsible for the transactions. However, experts believe that those involved in the liquidation are selling less stable assets and buying more stable assets to keep creditors’ funds intact. On the other hand, the timing of the information comes just days after FTX founder Sam Bankman-Fried, better known as SBF, was released on bail as part of his $250 million deal.

As we reported on Cryptokoin.com, the jury charged Bankman-Fried with eight offenses that could include embezzlement of clients’ funds at FTX. As reported by the US District Court for the Southern District of New York, this led to the crash of the cryptocurrency exchange.

SBF denied the allegations

SBF, on the other hand, returned to Twitter on December 30. In his statements, he pointed out that the activity in Alameda’s funds was not caused by him. Denying any role in this movement, Bankman-Fried wrote:

None of these are me. I do not and cannot carry any of these funds; I no longer have access to them.

However, he added that “the various legal legs of FTX” are likely to gain access to these funds. He said he hoped these organizations were behind the funding move. He also said he would be “happy to advise regulators” to investigate the matter. Bankman-Fried’s desire to cooperate with the authorities appears to stem from the serious criminal charges he is facing. As a result, Bankman-Fried may try to arrange a plea deal. But a former federal prosecutor has argued that Bankman-Fried is unlikely to make a positive deal. Bankman-Fried’s next hearing has been postponed to January 3. Other than that, Bankman-Fried has been quiet for the past three weeks.